Key Takeaways
- • Audax Private Equity and Parthenon Capital made a strategic investment in Elevate Patient Financial Solutions, a Spring, Texas-based provider of front-end eligibility and enrollment and back-end revenue cycle management (RCM) services, with the transaction closing on July 31, 2025.
- • Audax is investing through its Flagship strategy, which targets control buyouts in the core middle market, per the announcement.
- • The capital is earmarked for key growth initiatives and future acquisitions intended to expand Elevate's offering to hospital and health system clients.
- • Financial terms, including the investment amount and valuation, were not disclosed in the announcement.
- • Mike Shea, Elevate's CEO, said the partnership aligns with the company's go-forward strategic vision, while Audax and Parthenon partners cited regulatory changes affecting patient coverage as a driver for the company's expansion.
Summary
Elevate Patient Financial Solutions, a provider of front-end eligibility and enrollment and back-end revenue cycle management technology and services for hospitals and health systems, announced a strategic investment from Audax Private Equity and Parthenon Capital, according to a Business Wire release. The transaction closed on July 31, 2025. Audax is investing through its Flagship strategy, which seeks control buyouts in the core middle market. Parthenon is a growth-oriented private equity firm with particular expertise in healthcare and technology services.
The investment is intended to provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions that enhance its value proposition to hospital and health system clients. Elevate's portfolio spans Medicaid Eligibility and Disability Enrollment, Third Party Liability, Workers' Compensation, Veterans Affairs eligibility, Denials Management, and Extended Business Office engagements, among other services. The company plans to strengthen its existing front-end and back-end RCM offerings while adding complementary solutions that support the operating performance of hospitals and health systems.
Mike Shea, Elevate's CEO, said the firms bring deep experience in building healthcare businesses and that the partners share alignment on the company's go-forward strategic vision. Adam Abramson, a Partner at Audax, described Elevate as an industry leader in front-end eligibility and enrollment with a growing back-end RCM presence serving some of the largest hospitals and health systems nationwide. Dan Killeen, a Partner at Parthenon, said hospitals are entering a critical period as regulatory changes affect patient coverage across the country, and described Elevate as a strategic partner to its provider clients.
Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter LLP acted as legal counsel. Kirkland & Ellis advised Audax and Parthenon. The announcement did not disclose the investment size or valuation.
Elevate describes itself as a trusted partner for more than 40 years. Audax, headquartered in Boston, reported approximately $19 billion in assets under management as of March 2025.
The investment is intended to provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions that enhance its value proposition to hospital and health system clients. Elevate's portfolio spans Medicaid Eligibility and Disability Enrollment, Third Party Liability, Workers' Compensation, Veterans Affairs eligibility, Denials Management, and Extended Business Office engagements, among other services. The company plans to strengthen its existing front-end and back-end RCM offerings while adding complementary solutions that support the operating performance of hospitals and health systems.
Mike Shea, Elevate's CEO, said the firms bring deep experience in building healthcare businesses and that the partners share alignment on the company's go-forward strategic vision. Adam Abramson, a Partner at Audax, described Elevate as an industry leader in front-end eligibility and enrollment with a growing back-end RCM presence serving some of the largest hospitals and health systems nationwide. Dan Killeen, a Partner at Parthenon, said hospitals are entering a critical period as regulatory changes affect patient coverage across the country, and described Elevate as a strategic partner to its provider clients.
Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter LLP acted as legal counsel. Kirkland & Ellis advised Audax and Parthenon. The announcement did not disclose the investment size or valuation.
Elevate describes itself as a trusted partner for more than 40 years. Audax, headquartered in Boston, reported approximately $19 billion in assets under management as of March 2025.
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